Former Vestas CFO Nørremark charged over Indian deal
23 July 2013 by Staff, windpowermonthly.com
Former Vestas chief financial officer Henrik Nørremark has been formally charged following an investigation by the public prosecutor for serious economic and international crime, according to reports.
It follows the revelation from Vestas in May that it had brought in the fraud squad to investigate a EUR 18.9 million deal Nørremark made while still at the company.
In a company announcement, Vestas said it had handed details of the case to the state prosecutor for serious economic and international crime.
At the time, Vestas said the EUR 18.9 million relates to two orders. One involved the ending of two debt agreements with an Indian company worth a total of EUR 4.4 million. The other was a EUR 14.5 million investment with the same company for a potential project in India.
Nørremark had been CFO since 2004. However, at the beginning of the year he was made deputy chief executive. He only held the role for a number of weeks before he left Vestas.
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